Number of U.S. expatriations reaches record high In 2013

The Treasury Department published the names of 560 Americans who renounced their citizenship or are long-term residents who gave back their green cards during the third quarter of 2013, The Wall Street Journal reported. According to tax lawyer Andrew Mitchel who tracks the data, these expatriations reached a record high of 2,369 for the year. The prior highest number of published expatriates was in 2011, said Mitchel. Continue reading

American Economic Calamity Predicted in 1857

The Great British historian, Lord Macaulay, predicted the future unraveling of the United States economy in a letter written in May 1857. Macaulay’s prediction was based on his analysis of American institutions. Discussing the life of Thomas Jefferson with an American author, Macaulay wrote, “You are surprised to learn that I have not a high opinion of Mr. Jefferson, and I am surprised at your surprise. I am certain that I never wrote a line, and … uttered a word indicating an opinion that the supreme authority in a state ought to be entrusted to the majority of citizens [counted] by the head; in other words, to the poorest and most ignorant part of society.”

According to Macaulay the United States was becoming increasingly democratic throughout the nineteenth century. And this tendency, he argued, was dangerous to liberty and to the country’s economic well-being. As Macaulay explained, “I have long been convinced that institutions purely democratic must, sooner or later, destroy liberty or civilization, or both.” Continue reading